TORONTO, Feb. 8, 2018 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the "Company") is pleased to announce the results from five additional diamond drill holes completed on the South West Deposit ("South West") located within the Company's Golden Highway Project located approximately 110 km east of Timmins, Ontario. Highlights:
Gary O'Connor, Co-CEO & Chief Geologist commented, "The five latest drill holes have confirmed our new understanding at South West where additional well mineralized vein arrays were identified both west and east of the previously announced central area veins. This recent program has added several new vein occurrences and confirmed the up-dip potential from previously drilled veins at depth. The new drilling has also confirmed the occurrence of well mineralized shoots along the shear plane which occur on the Banded Iron Formation contact. The latest results include the highest assay returned to date from the Golden Highway Project of 0.50 m @ 3,510.00 g/t Au. These results are encouraging and indicate a much larger vein system than previously known, now covering an area over 800m wide. We will continue to drill the South West deposit to expand the size and confirm the grades." The latest results are from five drill holes totalling 2,642.00 metres of drilling at South West designed to confirm and expand our new geological interpretation of the deposit, testing new zones of mineralization. The ongoing drill program continued to test high grade targets as part of the previously announced exploration drill program undertaken by the Company in late 2017 on the Golden Highway Project. The program consisted of over 20,000 metres and 50 drill holes and the encouraging results have driven the Company to expand the drill program. Assays for additional drill holes are pending and will be released as they become available. Please click here for Figure 1: South West Location Map - Golden Highway Project http://www.monetaporcupine.com/i/maps/figure1-feb82018.jpg South West Deposit The ongoing drill program at South West was successful in confirming the existence of new vein arrays which were identified during the re-interpretation of the geology and mineralization in Q3, 2017 utilizing 241 historical drill holes totalling 94,127 metres of core. The NW trending and steeply SW dipping tension vein arrays occur as stacked en échelon veins along the southern margins of an ENE trending shear zone which occurs along the Banded Iron Formation (BIF) contact. Modelling to date has identified up to seven NW trending veins which dip steeply to the south-west at 70° in the central area as well as several new veins west of the Main Fault and up to eight additional new veins in the eastern area (Gap). The veins have an average width of approximately 3m and are spaced 25 m to 30 m apart. The veins occur within clastic greywacke sediments of Timiskaming age, and can be traced for up to 350 m strike length and are open to the south. The central and eastern area vein sets have been historically drill tested to depths of up to 900 m. The new drilling in the eastern area was testing the up-dip extensions of previously drilled veins at depth. The extent of veining now occurs across an area over 800 m wide. The modelling and drill testing of the currently known and newly tested veins is continuing. The current drilling also tested the existence of the three steeply dipping (~60° to 65°) mineralized shoots identified to date which occur along the bounding shear plane that occurs at the BIF contact to the north of the modelled veins. The shoots, or "D" structures, have been modelled and confirmed in drilling and occur as zones of strong quartz-carbonate-pyrite veining up to 50 m in length and up to 25 m wide, have been drilled to depths of 800 m and are open at depth. The veins at South West occur as quartz-carbonate-pyrite veins occur within a distinct ankerite alteration halo occasionally associated with sericite. A zone of sulphide(pyrite)-chlorite and quartz veinlets occurs adjacent to the veins and hosts mineralization. The veins can be brecciated and occur as quartz matrix supported breccia zones. Please click here for Figure 2: South West: Geology and Drill Location Map http://www.monetaporcupine.com/i/maps/figure2-feb82018.jpg Drill Result Discussion Drill hole MGH17-056 was designed to test for the occurrence of mineralized shoots which had been identified and modelled from historical drilling. The hole intersected a wide zone of quartz-carbonate-pyrite veining occurring on the BIF contact and returned 4.01 m @ 38.33 g/t Au, including 0.96 m @ 144.19 g/t Au and 1.00 m @ 9.45 g/t Au from a depth of 441.50 m. This hole also confirmed the Balsam, Cedar, Pine and Spruce veins with assays of up to 1.50 m @ 5.65 g/t Au, including 1.00 m@ 8.85 g/t Au, at 545.00 m depth from the Spruce Vein. Drill hole MGH17-062 was drilled to test for NW trending veins west of the Main Fault. The drill hole intersected up to 4 veins including one which returned 1.63 m @ 1,078.43g/t Au, including 0.50 m @ 3,510.00 g/t Au, at a depth of 270.12 m. Drill holes MGH17-058, MGH17-060 and MGH17-066 were drilled in the eastern area of South West. These holes were designed to test for the up-dip extensions of veins previously intersected at depth below the central area. The drilling intersected up to 8 new veins with results returned up to 3.00 m @ 7.16 g/t Au, including 1.00 m @ 14.10 g/t Au at 393.00 m depth and 2.16 m @ 6.72 g/t Au at a depth of 511.58 m. Please click here for Figure 3: South West: Schematic Cross Section http://www.monetaporcupine.com/i/maps/figure3-feb82018.jpg QA/QC Procedures All core drilling conducted by Moneta is oriented. Drill core is sawn and half and is sent to ALS Canada Inc. for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). A 50 g charge is Fire Assayed and analyzed using a AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates with the samples, as well as completing third-party check assays at Activation Laboratories Ltd. Gary O'Connor, MAusIMM is a qualified person under NI 43-101 and has reviewed and approved the contents of this press release. About Moneta The Company holds a 100% interest in 5 core gold projects strategically located along the Destor-Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold production. The projects consist of the Golden Highway, North Tisdale, Nighthawk Lake, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of 1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres. The Company's public documents may be accessed at www.sedar.com. For further information on the Company, please visit the company's website at www.monetaporcupine.com. SOURCE Moneta Porcupine Mines Inc.
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TORONTO, Jan. 18, 2018 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta or the "Company") is pleased to announce that it has completed the first drill hole (MGH17-051) to test the new structural interpretation of the South West target located within the Company's Golden Highway Project located approximately 110km east of Timmins, Ontario. Highlights:
"During 2017 the Company completed an extensive re-interpretation of mineralization previously intersected at South West. The program resulted in the recognition and modelling of an array of stacked en échelon NW trending, SW steeply dipping, quartz-carbonate-pyrite veins. Initial modelling has been completed on 6 of these veins. The first hole to test this new interpretation has confirmed the existence, location and grades of the 6 interpreted veins with several additional veins also being intersected. We are encouraged by the results and will continue to drill test the potential size and gold tenor of the South West vein system" commented Gary O'Connor, Co-CEO & Chief Geologist. The South West drill program is part of the previously announced 2017 exploration drill program undertaken by the Company to test higher grade targets on the Golden Highway Project which consisted of over 20,000m and 50 drill holes. Drill hole MGH17-051 was the first drill hole designed at South West to drill test the 6 new modelled veins as part of an 8,500m program in 14 holes. The significant results returned from hole MGH17-051 are included in Table 1 and figures showing the location of the hole on cross section (Figure 2). Long sections for each of the 6 veins with "grade-thickness" colour contours generated from over 60 historical drill holes with the pierce points of hole MGH17-051 are included (Figure 3, Figure 4 and Figure 5). The encouraging results will result in the expansion of the drill program. Assays for other drill holes are pending and will be released as they become available. Please click here for Figure 1: South West Location Map- Golden Highway Project: http://www.monetaporcupine.com/i/misc/2018-01-18_NR-Fig1.jpg South West Area The re-interpretation of the mineralization at South West, utilizing 241 historical drill holes comprised of 94,127m of core, resulted in the interpretation of a tension vein array occurring as stacked en échelon veins within an ENE trending shear zone. Modelling to date has identified six NW (310°) trending veins which dip steeply to the south-west at 70°, have an average width of approximately 3m to 4m and are spaced 25m to 30m apart. The veins occur south of the main banded iron formation in the central block at South West within clastic greywacke sediments of Timiskaming age and can be traced for up to 350m and are open to the south. A new and possibly 7th vein (Tamarack?) was intersected west of Elm Vein at a depth of 369.0m and returned 2.30m @ 5.03g/t Au (including 1.0m @ 7.05g/t Au) in addition to several other new veins. Modelling of the veins has been conducted down to 350m to 400m and historical drilling of the veins has been completed as deep as 900m. The deeper extensions of the veins have not been modelled due to the amount of drilling however the individual veins can be traced to depth. Additional NW trending veins have been identified from historical drilling and are currently being modelled and drill tested. Additional vein sets trending 340° (NNW) and dipping to the west have also been identified as have riedel shear veins trending ~NE and dipping to the north. Steeply dipping mineralized shoots have also been recognised along the north bounding shear plane which occurs at the BIF contact. These are also currently being interpreted, modelled and drill tested. The quartz-carbonate-pyrite veins occur within a distinct ankerite alteration halo occasionally associated with sericite. A zone of sulphide(pyrite)-chlorite and quartz veinlets occurs adjacent to the veins and hosts mineralization. The veins can be brecciated and occur as quartz matrix supported breccia zones. Please click here for Figure 2: South West: Interpretive Cross Section and Map: http://www.monetaporcupine.com/i/misc/2018-01-18_NR-Fig2.jpg Please click here for Figure 3: South West: Long Sections for the Cedar and Balsam Veins: http://www.monetaporcupine.com/i/misc/2018-01-18_NR-Fig3.jpg Please click here for Figure 4: South West: Long Sections for the Birch and Pine Veins: http://www.monetaporcupine.com/i/misc/2018-01-18_NR-Fig4.jpg Please click here for Figure 5: South West: Long Sections for the Spruce and Elm Veins: http://www.monetaporcupine.com/i/misc/2018-01-18_NR-Fig5.jpg QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is sawn and half is sent for drying and crushing to -2mm, with a 1kg split pulverized to -75µm (200#). A 50g charge is Fire Assayed and analyzed using a AAS finish for Gold. Samples above 10g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates with the samples, as well as completing third-party check assays at a second laboratory. Gary O'Connor, MAusIMM has reviewed and approved the contents of this press release. About Moneta The Company holds a 100% interest in 5 core gold projects strategically located along the Destor-Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold production. The projects consist of the Golden Highway, North Tisdale, Nighthawk Lake, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of 1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres. The Company's public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetaporcupine.com or email us at info@monetaporcupine.com. SOURCE Moneta Porcupine Mines Inc. |
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